new Delhi. Due to the Russia-Ukraine War, the price of crude oil continues to rise in the global market. Despite this, due to the assembly elections in five states, the price of petrol and diesel has not increased in the Indian market for four months.
ICICI Securities said in a report that government-owned retail oil companies have been suffering heavy losses due to rising global crude oil prices in the last two months. Domestic oil companies will have to increase the prices of petrol and diesel by Rs 12.1 per liter on or before March 16, 2022 only to cover the cost.
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ICICI Securities says that adding the profit, they will have to increase the price by Rs 15.1 per liter. It has been said in the report that India imports 85 percent of its crude oil requirement. Therefore, the prices of petrol and diesel at the domestic level are influenced by the global prices of crude oil.
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…then profit may decrease by Rs.10.1
The report said that the net profit of retail oil companies has reached minus Rs 4.29 per liter as of March 3, 2022, due to no increase in prices since Diwali in the domestic market. If the prices of petrol and diesel are not increased, then the net profit of these companies at the current global price can reach below zero Rs 10.1 per liter by March 16 and Rs 12.6 per liter by April 1, 2022.
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Crude at 9 year high
In the global market, crude oil had risen to $ 120 per barrel. This is its 9 year high. However, after this, with some softening in prices, crude oil came down to $ 111 per barrel. Despite this, the gap between the cost of oil and retail sales rates is widening.
Crude may reach $185
Morgan Stanley says that due to the sanctions of America and European countries, Russia is not able to export oil freely. Right now it is exporting only 66 percent of the oil. If the supply of oil from Russia continues to be disrupted, then crude oil in the global market can reach $ 185.
Price increased by Rs 35.89 in four months
According to the Petroleum Planning and Analysis Cell (PPAC), the price of crude oil that India buys increased to $ 117.39 per barrel on March 3, 2022. This price is the highest since 2012. In early November last year, when the increase in petrol and diesel prices was stopped, the average price of crude oil was $ 81.5 per barrel. In this way, the price of crude oil has increased by Rs 35.89 in four months.
Tags: Crude oil, Petrol diesel price, Russia ukraine war
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